didn’t your parents ever teach you about sharing?
Join the club! Well it’s not really a club, but it is a pretty awesome investment opportunity known as our Member Share Program. When you become a member of Sunova, you will be eligible for a whole pile of exclusive member benefits including the opportunity to invest in our Member Share Program.
By purchasing common shares when you open your membership (as well as purchasing additional shares if you choose!*), you are investing in Sunova and become a part-owner of our organization. As an added benefit to our members, and as financial results permit, we reward our members by paying a dividend on their share investments. These dividends are paid to you in the form of surplus shares based on your share balances. Basically, the better Sunova does financially, the more surplus shares you’ll get… it’s as simple as that!
*Up to a maximum of 200 shares or $1,000.
When you open your account, you will begin to make your investment in Sunova. The minimum number of common shares you are required to purchase depends on your age and the type of account you are opening:
- Individual accounts
Initial investment of $25 (five common shares at $5 each)
Each month your additional investment is $2.50 or one half of a common share
- Joint, business and agricultural accounts
Initial investment of $40 (eight common shares at $5 each)
Each month your additional investment is $5 or one common share
- Senior, student and junior accounts*
Initial investment of $5 (one common share)
*Members 60 years of age and older, students enrolled in post-secondary education, and children under the age of 18. Once a member has accumulated 200 common shares ($1,000), the monthly share purchase will cease.
Any dividends paid to you on your common or surplus shares are taxable as interest income in the year they are paid. If your total interest and dividend income is more than $50, we will issue a T5 to be filed with your tax return. You must also report amounts below $50 on your income tax return.
Unlike your deposits, investments in both common and surplus shares do not qualify for deposit insurance under the Deposit Guarantee Corporation of Manitoba. As a result, it is our goal to pay higher than market rates on common shares as financial results permit.
The payment of dividends is dependent on the financial success of the organization, therefore, returns in our Member Share Program are not guaranteed.
The common shares you purchase and the surplus shares that are paid to you for holding an equity investment in the organization are intended to form part of the financial foundation for the organization. As a result, they are viewed as a long-term investment. However, you are able to apply to the Board of Directors to redeem any amounts in excess of the $1,000 minimum common share requirement. Shares may be redeemed at the sole discretion of the Board of Directors and will be influenced by the financial performance of Sunova. Partial redemptions, if approved by the board, must first redeem the common shares. Dividend eligibility is forfeited on all approved redemption amounts.
Investments in our member share program are RSP and TFSA eligible. Considering our historical dividend payments, you can’t really go wrong!
For additional information on our Member Share Program and this unique investment opportunity available only to Sunova members, please contact us.